Is Ecclestone going from fast lane to the pits?

Bernie Ecclestone's world may be about to hit the skids, writes Peter Rolfe. Source: AP

FOR a man accustomed to life in the fast lane, Bernie Ecclestone's world may be about to hit the skids.

The 40-odd-year presence of the British billionaire at the helm of Formula One is set to be shaken to its foundation after German prosecutors this week indicted him on bribery allegations that could result in a 10-year prison term if proven.

Mr Ecclestone and his legal team have about a month to fight the charges linked to a $47.8 million payment to a German banker in 2006.

A date for the Munich hearing is not expected to be set until mid-September. But the case is likely to be dragged out for a long time, bringing uncertainty to the rich, glitzy sport beamed from Melbourne and around the world to a massive global audience.

Mr Ecclestone, 82, is synonymous with money.

Worth an estimated $6.6 billion, he was named the fourth-richest person in Great Britain by Forbes magazine in 2011.

His socialite daughter, Tamara, has posed for Playboy, starred in her own reality show and was recently married in a ceremony estimated to have cost more than $11 million.

So it is no surprise the Munich court case is about cash.

Prosecutors allege Mr Ecclestone made the lucrative payment to former BayernLB banker Gerhard Gribkowsky to smooth the part-sale of F1 rights.

He denies the claim, saying he made the payment because he was blackmailed. He has refused to stand down as world F1 supremo.

But the former fisherman and self-made billionaire is precariously placed with his life, and life's work, on the line in a courtroom stoush that will have reverberations around the world.

From Melbourne's point of view the timing could not be worse. Mr Ecclestone was due in town in late September for crucial talks on the future of the Albert Park race, with the current contract ending in 2015.

When the Herald Sun sought assurances about the potential impact of the case on Melbourne's ability to host F1 long-term, the silence was deafening.

Australian GP chief executive Andrew Westacott, usually media-friendly and constantly available to talk about all facets of the Victorian major event, was unavailable.

So too was Australian race chairman Ron Walker, close friends with Mr Ecclestone and the champion of the Albert Park race since its inception in 1996.

Mr Ecclestone declined several opportunities to a phone interview from his London office.

And state Major Events Minister Louise Asher, who has publicly bragged she would personally go toe to toe with Mr Ecclestone for a fairer race deal for Melbourne long-term, refused to directly answer questions about the current state of affairs.

Asked if the indictment could impact on Melbourne's ability to extend its contact beyond 2015, Ms Asher released a statement saying only: "The Victorian Coalition Government is currently considering the Government's options in relation to the renewal of the contract to host the Formula One Australian Grand Prix beyond 2015."

That is obvious, as evidenced by a recent trip to London by Mr Walker to kick-start negotiations.

What is not clear, however, is whether a new deal would be so smooth if Mr Ecclestone is not at the negotiating table.

Despite annual rhetoric from the British billionaire about whether or not he wants to keep the Grand Prix in Melbourne, the Albert Park race is one of the best on the calendar and Mr Ecclestone's long-running association with Mr Walker is central to every deal ever made.

If the magnate were jailed his job would likely to be filled either by Red Bull Racing principal Christian Horner, English Premier League chef Richard Scudamore or Sainsbury's supermarket boss Justin King.

The conditions any member of that trio may put on a Melbourne race contract are unknown.

Grand Prix sources say the legal scandal could expedite talks between Victoria and Mr Ecclestone to get a deal done.

The best-case scenario for Mr Ecclestone is an out-of-court settlement. Worst-case is that words he uttered about jail early this year come true.

"I do not think I would particularly like it but you have to do certain things," he said.

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